Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income        
Loans, including fees $ 11,493 $ 13,237 $ 23,161 $ 26,763
Securities        
Taxable 448 384 877 701
Tax-exempt 155 65 296 108
FHLB Stock 97 84 196 169
Federal funds sold and other short-term investments 114 130 210 257
Total interest income 12,307 13,900 24,740 27,998
Interest expense        
Deposits 982 1,525 2,067 3,175
Debt and other borrowed funds 862 1,053 1,726 2,221
Total interest expense 1,844 2,578 3,793 5,396
Net interest income 10,463 11,322 20,947 22,602
Provision for loan losses (1,000) (1,750) (1,750) (5,350)
Net interest income after provision for loan losses 11,463 13,072 22,697 27,952
Noninterest income        
Service charges and fees 976 776 1,888 1,571
Net gains on mortgage loans 708 780 1,533 1,251
Trust fees 625 598 1,213 1,207
Gain on sale of securities 61 59 80 59
ATM and debit card fees 1,132 1,064 2,109 2,045
Other 709 723 1,351 1,578
Total noninterest income 4,211 4,000 8,174 7,711
Noninterest expense        
Salaries and benefits 5,732 5,723 11,525 11,443
Occupancy of premises 905 941 1,851 1,912
Furniture and equipment 845 858 1,595 1,685
Legal and professional 183 180 373 392
Marketing and promotion 246 210 492 420
Data processing 352 368 704 719
FDIC assessment 345 479 817 1,188
ATM and debit card processing 361 308 652 596
Bond and D&O Insurance 183 215 368 483
Losses on repossessed and foreclosed properties 294 1,934 353 3,531
Administration and disposition of problem assets 1,005 1,256 1,907 2,718
Other 1,424 1,414 2,819 2,905
Total noninterest expenses 11,875 13,886 23,456 27,992
Income before income tax 3,799 3,186 7,415 7,671
Income tax expense 1,196 0 2,338 0
Net income 2,603 3,186 5,077 7,671
Dividends declared on preferred shares 0 0 0 0
Net income available to common shares $ 2,603 $ 3,186 $ 5,077 $ 7,671
Basic earnings per common share (in dollars per share) $ 0.10 $ 0.12 $ 0.19 $ 0.28
Diluted earnings per common share (in dollars per share) $ 0.10 $ 0.12 $ 0.19 $ 0.28
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0